DETROIT (Aug. 18)
The Jewish Welfare Federation of Detroit has renegotiated a $3,000,000 loan in response to an urgent request for funds by the United Jewish Appeal. The money will be repaid with funds raised in the Federation’s annual Allied Jewish Campaign, according to The Detroit Jewish News.
Max M. Fisher, Federation president, said that a check for $1,200,000 has already been rushed to the UJA. Terms of the $3,000,000 obligation call for payments of $1,000,000 a year for the next three years, on the consolidated balances of $1,800,000 on the continuing portion of the loan and the $1,200,000 which has just been added. The Federation borrowed $3,000,000, the largest sum in its history, in May, 1958, and had repaid $1,200,000 of the debt.
Because of the UJA’s desperate need for cash, Mr. Fisher, as Federation president, and Max J. Zivian, president of the United Jewish Charities, the Federation’s property holding unit, negotiated the refunding. The money was borrowed from a Detroit bank. The original maturity date of May, 1963, remains in effect for the entire indebtedness.
Mr. Fisher called the granting of the loan “a compliment to the entire Jewish community. The success of the 1960 Allied Jewish Campaign has convinced the officers of the bank and the officers and directors of the Federation and the Charities that Detroit’s Jewish community is ready and able to accept responsibility for Jewish needs overseas as well as in our city and country,” Mr. Fisher said.
The UJA receives approximately 60 percent of funds raised here annually in the Allied Jewish Campaign. The remaining 40 percent is divided among 13 member agencies in Detroit, and 44 Jewish causes in Detroit, nationally and world-wide.